'SLINGSHOT': Treasury's rate move gets BRUTAL reality check

YOU SO MUCH FOR THAT. >> GOOD TO SEE YOU. CHERYL: TIME FOR WORD ON WALL STREET PANEL, TOP INVESTORS WATCHING YOUR MONEYING HERITAGE FOUNDATION CHIEF ECONOMIST, SENIOR FELL OE.J ANTONI ALSO, ADAM JOHNSON I WANT YOUR REACTION TO APPLE'S IPHONE LAUNCH. ADAM: I LOVE IT. >> WHAT DO YOU THINK. ADAM: EXCITED A COUPLE REASONS NUMBER ONE THIS IS THE FIRST NEW MAJOR HARDWARE PRODUCT WE'VE SEEN FROM APPLE FOR A LONG TIME. WHILE TIM COOK NO LONGER CEO NOW HE IS EFFECTIVELY CHAIRMAN OF THE BOARD, HE WAS CARVING OUT CASH FLOW, NOW YOU KNOW INSTANT I THINK ABOUT 30% OR SO REVENUES YOU CAN SEE ARGUE SOME RESHUFFLING NONETHELESS TIM COOK WAS VERY GOOD SERVICES IF I GO OUT HOW TO SQUEEZE MORE WE NEED TO GET TO PRODUCTS WHAT TODAY IS ABOUT WHY BOARD PICKED JOHN TERNUS HE RAN HARDWARE A LONG TIME A FOLDABLE PHONE HE HAS WORKED ON FOR MANY YEARS AS WE JUST HEARD, THAT IS CERTAINLY STEP ONE BUT, YOU KNOW, WHAT ELSE IS OUT THERE, THOUGHT CARD THERE WASN'T WE OWN APPLE IN FUND I THINK YOU HAVE TO NOT CHEAP I MEAN TRADES, CALL IT AROUND 30 TIMES EARNINGS MAYBE 32 TIMES EARNINGS DEPENDENT WHERE EARNINGS COME OUT EARNINGS GROWTH IS ONLY 20%. THAT IS PRETTY GOOD. BUT ACTUALLY LESS THAN S&P 500. SO AGAIN NOT CHEAP I DO THINK YOU NEED TO OWN ITI EXCITED FOR TODAY'S ROLLOUT. CHERYL: FIRST DESIGN CHANGE FOR IPHONE IN 20 YEARS, IPHONES GOING TO BE WATCHING IT EJ GOOD MORNING FUTURES WHEN YOU WE'RE SEEING TO TAKE DOWN ON DOW OIL SURPRISES RISING HIGHER BRENT, NOW UP OVER 100 DOLLARS A BARREL FOR THE VERY FIRST TIME SINCE JULY WTI HIGHEST LEVEL IN THREE MONTHS I WANT TO TALK ABOUT BOND MARKET YIELDS ARE TICKING HIGHER 10-YEAR ABOVE 4.8% WE'VE GOT TREASURY DEPARTMENT ANNOUNCEMENT TODAY ON SIZE OF DETAIL BUYBACK PROGRAM WALL STREET EXPECTS THAT BUYBACK BETWEEN FIVE AND SIX BILLION DOLLARS YOUR NOTS MARKETS TREASURER SECRETARY BESSENT TALKED ABOUT THIS >> I AM NOT NECESSARILY A FAN I THINK IN PERSPECTIVE YOU ARE TALKING ABOUT A FEW BILLION DOLLARS IN TREASURY MARKET THAT IS TENS OF TRILLIONS OF DOLLARS; RIGHT? THIS THESE ARE INCREDIBLY SMALL OPERATIONS, THIS WHOLE IDEA THAT THERE CONDUCTING MASSIVE YIELD CURVE CONTROL OPERATIONS, I'M SORRY JUST NOT WHAT IS HAPPENING HERE, AND FOR THE PEOPLE FREAKING OUT USING, THE TREASURE GENERAL ACCOUNT TO DO IT WHAT ELSE ARE THEY GOING TO USE IN TREASURY CHECK ACCOUNT AT NEW YORK FED BASICALLY I THINK A LOT OF REACTION IS SIMPLY OVER BILLIONAIRE I DON'T THINK OPERATIONS ARE GOING TO HAVE ANYWHERE NEAR KIND OF IMPACT, THAT SOME OF THE SO-CALLED EXPERTS ARE ALLEGING THEY WILL. CHERYL: ADAM, LOOK THE PRESIDENT HAS MADE IT CLEAR HE WANTS TO SEE MORTGAGE RATES COME DOWN AFFORDABILITY HOUSING ON MIDTERM IS THIS MOVE BY TREASURY GOING TO HELP THAT. ADAM: NO THE REASON EJ POINTED OUT IT IS TOO SMALL IN THE PAST WHENEVER FINANCIAL CRISIS WE TALK ABOUT THE WORD BAZOOKA THIS IS A SLINGSHOT, THE FIRST HEADLINE CAME OUT A COUPLE WEEKS AGO WHEN I SAW SIT I THOUGHT A BIG DEAL THEN I LOOKED AT THE SIZE OF WHAT THEY WERE DOING NO, NOT A BIG DEAL AT ALL I THINK EJ IS ABSOLUTELY RIGHT ON THIS. WE ALL DO WANT TO SEE LOWER RATES THERE IS NO QUESTION. BUT TREASURY NOT GOING TO FLAISH. CHERYL: EJ I WANT TO ASK YOU ABOUT THAT JOBS' REPORT WE GOT FRIDAY, THAT WAS BLOWOUT NUMBER, THREE TIMES ABOVE THE ESTIMATE. AND IF YOU LOOK AT THE DATA UNDER IT YOU SEE NOT JUST GOVERNMENT JOBS BUT MANUFACTURING, WAGES, WAGE INFLATION -- BUT WAGES STEADY WHAT ARE YOU MAKE OF THAT REPORT SEEM A GOOD SIGN KICKOFF AS WE MOVE TOWARDS THE MIDTERMS THIS NOVEMBER >> CHERYL YOU ARE ABSOLUTELY RIGHT DEFINITELY GOOD REPORT NOT JUST IN TERMS OF THE HEADLINE BUT IN TERMS OF WHAT WAS UNDER THE HOOD, FOR A LOT OF THE JOBS REPORTS WE'VE BEEN SEEING RECENTLY, AND EVEN GOING BACK A COUPLE YEARS NOW, WE'VE SEEN JOB GROWTH COMING FROM PART-TIME WORK IN OTHER WORDS, GIG WORK NOT GOOD-PAYING FULL-TIME JOBS WITH BENEFITS, LAST MONTH THE OPPOSITE ALL NET JOB GROWTH FROM GOOD-PAYING FULL-TIME JOBS PART TIME JOBS DECLINED IN AUGUST, SO AGAIN ALL THAT JOB GROWTH WAS COMING FROM EXACTLY WHERE WE WANTED IT TO BE. YOU MENTIONED MANUFACTURING. UP CONSTRUCTION UP I THINK ALSO WORTH NOTING THAT MANUFACTURING AND CONSTRUCTION IF WE LOOK AT ANNUAL INCREASES HITTING MULTI-YEAR HIGHS RIGHT NOW, THAT IS IMPORTANT, BECAUSE THOSE TWO ARE VERY CYCLICAL AS ECONOMY ACCELERATES YOU SEE MANUFACTURING CONSTRUCTION HIRING PICK UP LIKEWISE IF ECONOMY IS DECLINING GOING INTO A RECESSION THOSE TWO TEND TO START DROPPING. SO IT IS I THINK A VERY, VERY POSITIVE SIGNAL, THAT SUCH CYCLICAL COMPONENTS OF THE LABOR MARKET SPECIFICALLY ARE DOING WELL RIGHT NOW. CHERYL: YEAH. . NO. ALL THE FEAR MONGER ABOUT AI KILLING JOBS WE ARE NOT SEEING THAT IF ANYTHING THE OPPOSITE IN THIS COUNTRY EJ GREAT TO SEE